UPDATE: Oppenheimer Downgrades Crown Castle International Corporation to Perform, Reiterates $90 PT as Price War Hits Margins

In a report published Thursday, Oppenheimer analyst Timothy Horan downgraded the rating on

from Outperform to Perform, but reiterated the $90.00 price target. In the report, Oppenheimer noted, “Given our expectations for more disciplined CAPX spending on behalf of the carriers, we are downgrading CCI to Perform. AMT will also be negatively impacted by these fundamentals, but is much less exposed to tower rationalization and is paying a more manageable dividend. In addition, CCI's forward multiple has seen about a 5x expansion over the past five/six years to the 17x range, and we don't believe this trend will continue now that organic growth has slowed to the 6-7% range.” Crown Castle International Corporation closed on Wednesday at $81.36.